Lowe's ( LOW, Financials) said Wednesday it will acquire Foundation Building Materials for $8.8 billion, stepping deeper into the $250 billion professional builder market as do-it-yourself demand remains weak.

Lowe's is buying Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8 billion as the home improvement retailer intensifies its focus on professional builders.

Private-equity firm American Securities took the interior-building-products distributor private in 2021.